Here is an hourly chart showing pit trading in March crude oil futures.
In this morning's guesstimate I thought that the market had started the big drop that I have been anticipating, but then prices accelerated back above the last couple of days' ranges. So it now looks like crude will take a brief peek above 70.00 before is starts downward once more. I still think that the next $5 move from current levels will be downward. I am looking for this market to drop to $55 and then much lower than that over the next year or two.
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